5-3 6am Tommy, Puerto Rico debt and Give NOLA Day

May 3, 2016|

Tommy talks to Salim Furth, a Research Fellow at the Heritage Foundation, about Puerto Rico's debt crisis. Tommy also talks to Saints punter Thomas Morstead about Give NOLA Day and his foundation, What You Give Will Grow.

Today. Made the a day that live in infamy. Nate and I think that was Franklin Delano Roosevelt but it wasn't no actually me. I am like oh I don't know who's a current of local chameleon and then long lines of Rich Little one of the our yards you're one of those guys. Yeah I changes do alone deleted notices about John wiring. Happy Thanksgiving pilgrim. And edged John Wayne on the first Thanksgiving in a solar bit from family. That's ways thing at these things getting bill will room. And they may third is a notable day in new loans we had the first. As I remember it not that I'm old enough but I do. The first big lied goal of may third down if you remember that our new ire over America evident typewriter in a car. And heavenly carry that type writer up the entire street to get home and I guess because of the grade. Did the water at least get getting less deepen its start program my chest. And nobody knows his usual woods will you Steve for go to New York you. But a kept getting lasts and lasts and lasts is I walked up that still is around my ankles morning at the house and thankfully it did not flood. I'm Mike Carr went sideways. In Edmonton there in the river which one well it. Which car now did you may third floor all right well I it's I don't remember which one are well I just remembered trying to get out of my neighborhood in the dark. And and the water was rushing and suddenly the car sort of moving on its own. But it's it's not just and I guess because of the nature of the way other new loans but it is odd that we would have to may third floods as a whole lot first and I remember I'm Alan and I I don't know. That has anything to do with the anything but it was it was may third and all says we sort of have an all of these one in a hundred year floods. Some thing and at some point we should amonte wait till about 28 2835. I was gonna demand. Today is giving hope Nolan now giving Nolan. Today's a day of day event. Give Nolan day wears clothes and help the charity of your choice of course some. I would like you did goaded giving hope Nolan dot org and help Droid do you want to tell you some. This is not a dirty little secret this is a big dirty little big dirty secret in this country and that is trafficking women. And it's basically slavery imitate right now I'm not trying to and to get us off on a negative start here but if you. Do business with a prostitute chances are you're reaping her. And when I mean by that is if she is there against her will and somebody's forcing her to do that she is a non willing participant. She is not consenting and you are in effect reaping her so if you are in index habit of doing business. Doing your business that way you might wanna think about that I mean it seriously 612. I won't come back will look at this Puerto Rican mess one more time because. It could cost a whole lot of money in it could set a precedent that would increase our national debt like you would not believe Tommy Tucker led you withers back in a flash. On double WL. 617. Would of hear the rain for the most part has gone earlier in for a couple of beautiful days. A little late to get this weather feedback bloating and I don't. Mom and get a bunch of text here about the flood. And I sit both of them happened on May third and apparently my memories cloudy because some people are texting in saying no no no no it was may fifth. Elements and now is may third may eighth Melancon knows may third the fourth. So I guess everybody remembers things differently the people in Puerto Rico are gonna remember what's going on. Financially with them and Salim firth joins is right now a research fellow at The Heritage Foundation good morning sooner. Tell me I'm when it comes a Puerto Rico. How to get this mess and how likely is it that the United States is gonna start. Earning money right and retirees say. Great question so Hillary had gotten to this maps because. BR sent a socialist. Brenda has worked out well kind of manage the island in the 1930s. How well instituted things like much to hide minimum wage. A government development bank disposed to do all the amazing stuff. Are the bankruptcy of the default that occurred. Yesterday. Was this government development banks or are wrecked a while failing to pay its bills and you know move money around like like Bernie Madoff and and made all these promises. Obsolete couldn't keep his promises and default on fourth and 22 million dollars in obligations. Says that to bank debt FDR. They wanted to have created in essence he guaranteed me the United States like the FDIC a minimum harder than armaments and military. The United States is not a guarantor. And should not and will bail out. Opera Rico or any of these little satellite corporations the banks the water company the power company. Pretty much every government institution Puerto Rico saint. Has run up debt. That's the company approach of the American government at any significance squeezed. You know more borrowing. Any any currently significant find in that they find on the borrow against that Tom. Democracy router to do that they can't borrowing more markets are finally. On this game. Hurry to also it's forty billion dollars in unfunded public pensions for all these workers to some very. Big government island. But what a welded back Bakken in the Arctic. He sees basically its socialist approach government if French side a labor laws. They have a you know sort of big. Corp protest. Government after the government. We run all these different parts of down economy that are essential to and so instead of growing and thriving in prospering. And at a place the human being of the Singapore and of the Caribbean. We've got as an island that you know pursue these left wing policies and the and the result wasn't predictable hasn't grown. Nearly as much as a shift direction of pop up with with men with the extent that it didn't. Com and wants and what the young Puerto Ricans actually. Or ones are leaving the island of looking for work in an Olympic as a minimum wage is too hard and work. Analysts say go break when we come back he had a couple of different questions one of them is. Did the political nature of this because we were running commercials and I'm quite sure. If they were for bailing Puerto Rico out of they were against it but it was certainly political and zone. Any other one is could this be a cautionary tale over the United States because they see where. Detroit city of 700000. People deeply in debt. Did the people there they gave threatening to shut the water off for god knows how many people because they can't pay their water bills sometimes over a thousand dollars. In a readers and users gonna spread throughout the country in terms of how do we fix and in this country I guess when a mask in because that pension funds there it's always a pension fund it seems like a dozen men and just had a conversation about that when we return Salim for a third guest research fellow at The Heritage Foundation it is give Nolan today. And they are encouraging people we are encouraging you to go to one of the many. Sites that they have where you can do pledged money giving hope Nolan died or to be the one I'd suggest. And later on we'll have Thomas Moore says saints potter and tick off specialists talked about. That very thing six when he one time on now for traffic on double WL. It is six Sony five on Tommy Tucker glad you Willis on this Wednesday morning may third a day that live in infamy. In the Crescent City Italy goes in 1978. That we had the first. 100 year flood in and seemed like we've. We should be a couple of centuries ahead of ourselves by now I guess is Salim firth. Research fellow at parity foundation we're talking about. I'm Puerto Rico. In a financial situation that exists there so we here in a commercial Jews now Salim about Seubert chapter nine bankruptcy. And about seniors losing their retirement. If Puerto Rico is bailed out but it would seem to me. That if there's did indeed no help for Puerto Rico and Amanda advocating and I'm just asking. All of the bonds are worthless seniors are really gonna lose around is that. Go with yet they're nine and why would any elected official in Washington wanna get involved and that's. The last question literally it went down. So so yet and I agree with most of of would certainly add it obviously paid for by. Creditors interested parties. What are things that they music hall Supachai after and a bailout and I can understand using that language I don't use them myself. Bomb because the communal confusing so the creditors like the folks think that I would love to have a taxpayer funded. Because if the bailout creditors generally keep the money. You know. Congress says oh look we're hoping brewery in particular photo op with some nice little kids. And on the money it's turned it over to the creditors or money. What trip to super chapter nine is. It's a war going in and it's a little bit different then other bankruptcies and mobile army day and oversight board to go man. Try to clean up and figure out what he went hat didn't even know how much point out that could be that could pale these stats they're not releasing. That's that's the first and biggest problem. Pops the controlled or do it and looks at the numbers says okay this is so much we think you can actually pay they present the plan to the debtors. And the way chapter nine bankruptcy works really it's really amazingly badly out of Detroit beat one group of creditors. That's taking at least a little bit of law. Agreed the plan that all the other creditors are bound by the so they say with a penchant negative 10% cut and all the creditors are gonna take a 50% cut that passion has vote yes. That goes. Com and so when that the bill or not is is jargon into an argument that. But that's clearly a lousy way to to resolve that and it doesn't sound fair to me it sounds like the that we should reform. The US rather than extending it to territories. It is not currently applies. That's a part is considering. It would seem like opening the books to be the first uploaded on. Yeah you know I think. If we knew where we were going to be today we were pushing congress six sponsors to take. Just passed a lot think topic it's gonna open books that would have been a great start and then paint and that's something that we would now. Around now. Now we're really well it's too late in the game they've got a two billion dollar payment coming in July so. Church and missionary work at abdicated. You know would do little bet ticket ticket small steps do things that we know are positive. Release them from the minimum wage a lot of support on minimum wage. Attic and a proposal for them released them from the maritime Jones act which is very restrictive and make some uncompetitive mix makes it expensive slope on the island. And then and get there and get those finances out in public source starting that we're gonna start the ball rolling on economic freedom which is gonna release economic growth. Get the numbers opus we could have grown up conversation about. What assets really are available. Economic growth is great for liberty means. The debt can get paid Allen can grow. The government can still function there that's that that's been the north started we should all be aiming for every party agrees on that in principle. No and so far has been willing to go to. And say you know. I'm not gonna put my day you know meet getting my dollar back. And even congress is not willing to say. I'm gonna put my political capital on the line to fight for economic reforms. That's what your congressmen are congressman need to be fighting for is a particle doesn't grow. There's not gonna be enough money to pay these that's not going to this your most of maybe 1020 years on the line. Growth make that payable lack of growth will make as compared. I need a 22 answer here in disguise and content production trucker you scream and Evan get to the news but. Our our pension funds eventually in his country. If those people at hand them eventually and have to be addressed. Either unilaterally. Redone we're looking either take a cutter we don't have it in his that the big. Problem economically for a lot of companies a lot of areas public entities etc. It's a big problem for a lot of retirees. A lot of pension funds have made promises but they have no realistic way to keep. We need better accounting reporting two people at least know. What kind of trouble there. While thank you appreciate your time Salim. Thank you UT's Salim for its research fellow at The Heritage Foundation we spoke about this. 9 o'clock hour yesterday and we want to get the 6 o'clock. Audience a chance to you understand a little it's gone on and I think we do now. Taylor Nelson gone on is the code cash word the jazzy cash code word of the day it's coming up. About 659 right now Lou it's time for Devin WL offers news and that we go to David Blake I guess David let's indeed get back to me. Yes I'm Suton at the floods earlier on May third and the other one now I believe was may eighth Ari can you give us a date may third 1978. Any other one was may eighth in 19830. 83 I was I was in four I didn't miss 78. And gone through some pictures from Nolan dot com here. And it looks like it can be Katrina. Because the text the exemptions as Walter Reed coincidentally enough. Sits quietly waiting for the coroner to arrived to pick up the body that washed up on his porch little in mid city little. And his slicks I mean exactly. Ya like Katrina. And apparently too big rains and and if you'd like I'd like it detects your story about. If you remember the great big flood of 78 and member of their being a story about. I think it was Dutch Maury Allen had just. On and had just left office away reverence and imports felony I think if I remember this right was the next mayor. And they evident as well you know ways. And Dutch city gambling this tsunami. At all. Com made their 78 vivid memory lasted exams in high school of my senior year we were eating lunch before. Leaving school was water coming in the cafeteria and water up to our ankles when we finished. From. Must have liked but twenty inches of rain and special interactive time in and of itself the sultan in May third of 1978. I think it was the ironically. Sunday in the United States. Not here. And it was like ten. Or twelve inches of rain in the moved from the morning till noon. That's pretty short it is no wonder what this situation would be. Legacy be the same to the pumps can still leave with no improvements of pumps can handle blood and into first hour and a half an inch. There afterward talked to Thomas and more stick saints punt or kick off specialist about give Nolan David is happening today. Tommy Tucker glad you witness earlier David is that Wednesday morning it's Tuesday morning and we'll be back on definitely. 64614. Before seven today is getting Nolan. Today you know it today and Thomas Moore said saint's honor and kick off specialist joins us right now morning Tom. Good is it Thomas Tom or Tommy print. And the country out on court date there. I. Tell me about your foundation and why it is you wanted to join us today on give Nolan day. Well yeah we did it last year where it came out dollars. Just permit. Signing up to do that at the last minute that Cheryl put a lot more effort and chew up my foundation called what you get woke well. And out. The focuses. Actually two. The Walsh. Community and the action. On more money raised. Here and a lot of shots a lot more from. People walked. So what exactly thomas' it urgency in all and sounds like not say it now that's out. But it alone time tell me what your foundation does exactly. And what they've done with this amp Menino is I'm not trying imply in anyway. That you didn't do the right thing it is owning courage of people went door here the good work that you do. Yeah. Well worth the effort and the fact that were kind of you know kind of the centerpiece for a eating like platform at the sanctions and it felt like. A lot of organizations you'll see. Whether they are the American Cancer Society. Diabetes association. At the one thing we have a special look at just pediatric. Ecology so childhood cancer. Literature re church or providing ought lectured church for. It didn't want cancer. But we are now we're mature we are all now. We should you need here in the war ones there that we feel like can be super impact all. We're gonna put some. Where the ball war so dull at the same. We bought all the (%expletive) you'd insurance for our etched a they. Charter school on Social Security for kids that will be interred at the ban. That didn't they beat Hillary school but in the trouble so I'll need there helped out. We get also that the chip there and it'll just took off. Last month outside of the ship don't about a 150 chipped it. Actual blood disorders. We wouldn't do a lot different than that game day your program. It's a little camps. Bring to practice on Saturday ideology mates go to on it and go Kart track on Monday and get them. Hospital and get a chance leak at the end senators that you think. While town some lonely especially you know the pediatric oncology thing I can think of nothing. Award that would make you feel blessed if you understand what I'm trying to say then realizing what a lot of people. Go through and the armed themselves users' content in your family that need to. Well I wouldn't weigh in in if you don't feel comfortable today. Well. Appreciate it. You know on a couple of you can't fish are ever so that was oh so. Early. A big gain an understanding. What is sure what it is now. A Margarita trans ginger. Passed away two years ago from yeah well chapter called it circled. An outlet for eight years and we should only thing it's. Foundation. Actually that well and you know in the word on what. Focused on other kid that. Asia and trying to help them apparently inspired similar in that we do our mission. And zero new this morning as inspired a lot of people says they wanna give to your foundation. And you know it's unlimited being given a couple of them bomb honey and they do it Thomas what they do. So they can give no org there and tightened. Our nation was able well. First I don't. A date donation to small ship. And also that probably. As well. Organization that walk. Trying to late money should day and last year Clinton calls foundation which it. Wait till one dollars. Once and organic shell. Top that really when you can't chew my foundation or an Indian nations in the city. There's a lot of really good work being. All of these organizations that that the nation so. You know that. That something etched on your part that you want to get to that Wall Street and no. Money it. It. That you are really. Walk it back. Thomas 661 of her people letter. You know just waking up an actor American they go to your website and and find out who would you give will grow more about it and and want to put into the giving only give no one day. Yeah so it's like it's for sure today forget oh we were urging her but he should do you. You just that you did Null and work out war on that foundation. That we specifically all what YouTube world well. Dot more dot org and you can find out all about option that we done. And you can also on the that you now about GH constantly are on a. How old are wondering is actually being a community that they actually for you sheet. The layer transparent and ultimately killed. Getting an organization I think it. And if they go to you page Thomas Moore said that commons and in. Now it's at what it will grow call Jena oh or trying to find an easy lead people who remembered it. Would you give will grow and he should be remembered that it would kick a field goal we're trying you've got to talk stretch it out. On that three years out starter. Idol thank. And world. Particularly like it much a world record. Probably why I would say while he's convinced. Well I'm about 70% kicker now which can now that okay. And it felt luggage trouble. Well. I definitely would chill very competent. It took some weight our bowl kicker out of the game. Coach knew it every. Little. You know they'll let a couple of it's like the year that count children do it and out. I'd be very opt in or out there and get on. For the long haul the sheet and they'll think. I'll speak out just how I can get good for Connecticut which it yeah. Sign my golf game Thomas ninety's so much. All right thanks for everything you do you bet Thomas Moore says sinks on our economy just. In a ball sixty yards and placing like a wedge in to learn about the charitable foundation what you give. Will grow in announces PDI pediatric cancers 653 code words and nationwide hands contest right now Lou time fourth. WL traffic.